Cerrado Gold – Feasibility Study Results At The Monte Do Carmo Gold Project In Brazil And Production Update From The Minera Don Nicolas Project In Argentina

Shad Marquitz
November 10, 2023

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins us to outline the key metrics and takeaways from the Feasibility Study at the Monte Do Carmo Gold Project in Brazil and a production and exploration update from Minera Don Nicolas Project in Argentina.


Key Highlights from the Monte Do Carmo Feasibility Study:


  • After-Tax NPV of US$369 million and IRR of 32%
  • Average annual gold production of 94,797 ounces per annum over 9 year Life of Mine (“LOM”)
  • Average AISC of US$711 per ounce over LOM
  • Initial Capex of US$186.6 million (including US$15.8 million contingency)
    • 2:1 ratio of NPV over Initial Capex
  • Annual average free cash flow of $85 million over the LOM, with total cumulative after-tax free cash flow of $562 million over LOM
  • Initial Proven and Probable Reserves of 895 koz of Gold (16.8 Mt at 1.66 g/t Au)
  • Updated Measured and Indicated Resources of 1,012 koz of Gold (18.4 Mt at 1.72 g/t Au) and Inferred Resources of 66 koz of Gold (1.1 Mt at 1.95 g/t Au)


Then we shifted over to the producing Minera Don Nicolas gold mine in Argentina, where the Las Calandrias area was just brought into the production mix, and where both the Martinetas pit and Phase 1 Underground program, under the Paloma Pit, will be feeding into growing production next year.   The Company has grown production from Argentina operations the last 3 years in a row, with 2023 guidance in the 60,000+ range, and 2024 guidance around the 80,000 ounce range.   As Monte Do Carmo comes online in late 2025, then the company has a pathway to more than doubling production from 2026 and beyond.


Both projects have substantial exploration upside along their mineralized trends to keep expanding resources.  In addition, both Projects also have further value being uncovered at depth, with proposed underground mining scenarios, beyond just the near-surface open pit development and exploration.


If you have any questions for Mark regarding Cerrado Gold, then please email us at or



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    Nov 10, 2023 10:45 PM

    I got lucky, but I noticed one million shares of Bayhorse Silver being bought about ten days ago when the market opened for 2 cents. That same day I waded in and got mine for .015. Now they think The Bayhorse Mine is on the same copper silver grid that Hercules Silver is associated with. It is just a theory but there are bargains galore out there in the penny dreadfuls.

    Now I have been buying Maritime Resources, (4.5 cents) they have two fully permitted mills (2100 TPD) with a deepwater port within trucking range of NFG’s property. NFG can start opening up 2-3 open pittiable deposits of high grade gold which can be trucked to Maritimes properties. Maritime Resources has little other than these two mills, I think NFG will move on Maritime. LOL! Do Your Own DUE DILIGENCE.

      Nov 10, 2023 10:13 PM

      In fact there are several gold mining companies in the same area that need Maritimes Mills one was Anaconda and now they are Signal Gold and Maritime scooped up The Pine Cove Mill (1400 TPD) from them for a song tweet, tweet, treat, treat! Isn’t life full of surprises! LOL! DT

      Nov 10, 2023 10:28 PM

      In 2014 Bayhorse was $0.135/share, had about 19M shares outstanding, with a market cap about $2.5M. At that time the CEO was talking about getting into the marijuana business.
      Today it’s about $0.035/ share, with well over 1B shares outstanding and a market cap around $8M.
      The same CEO is still in charge.

        Nov 11, 2023 11:28 AM

        I don’t what is wrong with you Brumple, you keep following me around trying to discredit me, the last time you accused me of being a Pump and Dump artist. Now you are telling me that Bayhorse Silver has well over 1 billion shares outstanding and yet you can’t spend two seconds to even look up how many shares they have.

        Issued and outstanding common shares, 181,676,838
        Outstanding Warrants, 81,001,692

        You my man are a joke

          Nov 11, 2023 11:57 AM

          Okay but still more than 10X dilution which might explain the loss to shareholders, while market cap increases.
          And what about the marijuana business or the Steinert rock sorting business? I’m just doing my due diligence.

    Nov 11, 2023 11:33 AM

    Hercules Silver is this close to Bayhorse! Brumple you are an annoying little creature! LOL! DT